REG - Xtract Resources plc - Bushranger Project Assay Results

Xtract ResourcesAnnouncement

10/05/2022 07:00

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RNS Number : 8609K  Xtract Resources plc  10 May 2022

 

For immediate release

10 May 2022

 

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Assay Results

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
advise that independent laboratory assays have been received for a number of
drill holes including, BRDD-21-023, BRDD-21-025, BRDD-21-029, BRDD-21-033,
BRDD-21-034, and BRDD-22-044 from the Phase 2 diamond drilling programme at
the Bushranger copper-gold exploration project.

 

Highlights

 

·    The results have been returned from six exploratory holes on the
Bushranger exploration project

·    Full results are available in Tables 1 to 5 below, with best results
including;

·    2m at 15.50g/t Au from 191m in drillhole BRDD-21-033

·    18m at 0.34% CuEq from 388m in drillhole BRDD-22-044

·    12m at 0.29% CuEq from 242m in drillhole BRDD-21-029

·    10m at 0.57g/t Au from 530m in drillhole BRDD-21-023

·    Drill hole BRDD-22-044 tested the along-strike continuation of
mineralisation to the north from the discovery hole (BRDD-21-035) at the Ascot
prospect, a wide 52m interval of 0.21% CuEq was returned from a depth of 388m
giving confidence that the mineralisation extends along-strike by up to 250m
in this direction

·    Drill Hole BRDD-21-033 targeted an outlying geophysical anomaly to
the east and intersected a high-grade gold interval of 15.5 g/t Au which
warrants follow-up drilling to test for along-strike and down-dip extension

·    Drillhole BRDD-21-023 targeted a northerly continuation to the main
Racecourse mineralisation and intersected anomalous levels of gold which could
indicate a structural control on the mineralisation in this area

·    Drillholes BRDD-21-025, BRDD-21-029 and BRDD-21-034 were all
exploratory holes which targeted outlying geophysical anomalies or the
continuation of mineralisation south of Racecourse and north of Ascot. All
holes intersected porphyry related alteration along within zones of anomalous
copper and gold. BRDD-21-025 was largely un-mineralised.

 

Colin Bird, Executive Chairman said: "This is an eclectic group of drill hole
results showing some degree of mineralisation and some meaningful gold values.
The holes were mainly located in the area between Ascot and Racecourse testing
the new geophysical anomalies.

Whilst these outlying holes do not in themselves indicate significant
extensions, we continue to drill and model to better understand both Ascot and
the area between Ascot and Racecourse. The modelling for the primary
Racecourse open pit is advancing satisfactorily."

 

 

Phase Two Bushranger Prospect Assay Results

Tables 1 to 5 -

Assay Results from Drill Hole BRDD-22-044, BRDD-22-034, BRDD-22-033,
BRDD-22-029, BRDD-22-023*

 

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-22-044  388       440     52            0.16      0.06      1.88      0.21
 Including    388       406     18            0.26      0.08      2.89      0.34

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-034  220       228     8             0.01      0.25      0.80      0.16

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-033  191       193     2             0.01      15.50     1.60      N/A

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-029  242       266     24            0.16      0.06      2.80      0.22
 Including    242       254     12            0.23      0.05      3.90      0.29

 Hole ID      From (m)  To (m)  Interval (m)  Cu (%)    Au (g/t)  Ag (g/t)  CuEq (%)
 BRDD-21-023  492       502     10            0.02      0.29      0.28      0.19
              530       540     10            0.05      0.57      1.52      0.40
              694       718     24            0.11      0.03      0.52      0.13
              752       774     22            0.12      0.02      0.85      0.14

 

*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide,
Australia

**CuEq Formula: CuEq = Cu% + 0.5884xAu (g/t) + 0.0078xAg (g/t)

 

 

The results from six further drill holes have been received on the Bushranger
copper-gold exploration project. The majority of these holes were exploratory
in nature to test for extensions of the known mineralisation and were not
drilled into the main Racecourse resource.

 

Drillhole BRDD-22-044 was designed to test for the along-strike continuation
of the Ascot mineralisation 250m to the north from drill hole BRDD-21-035. It
was drilled at an inclination of -70 degrees towards the east and completed at
a final depth of 696.7m. The hole intersected a 52m interval at 0.21% CuEq
from 388m downhole depth which gives a strong suggestion that the Ascot
mineralisation extends along-strike to the north.

 

Drillhole BRDD-21-034 was drilled 500m to the south from the main Racecourse
porphyry body at an inclination of -50 degrees towards the east. The hole was
completed to a final depth of 524.7m, having intersected an 8m interval
grading at 0.16% CuEq.

 

Drill hole BRDD-21-033 was drilled to 783.7m depth from the same collar
location as drill hole BRDD-21-035 at the Ascot prospect, but angled at -70
degrees towards the east to test the south-eastern IP anomaly in this area. A
2m assay interval returned 15.5 g/t Au from a downhole depth of 151m - being
the first drill hole in this location further investigation is warranted to
test for along-strike and down-dip continuity.

Drillhole BRDD-21-029 was drilled at an inclination of -75 degrees towards the
west to test for the southern extension of the main Racecourse porphyry and
completed at a final depth of 551.8m. The drill hole intersected a 24m
interval grading at 0.22% CuEq.

Drillhole BRDD-21-025 was drilled at an inclination of -60 degrees towards the
NE and was completed at a final depth of 648.6m.  The hole was designed to
test an outlying MIMDAS anomaly to the east, however the hole was largely
un-mineralised.

Hole BRDD-21-023 was drilled at an inclination of -50 degrees towards the NW
from the same drill pad as hole BRDD-21-020. The hole completed at a depth of
868.5m and was designed to test the along strike-continuation of the
mineralisation intersected in holes BRDD-21-018 & BRDD-21-020 further to
the NW (refer to RNS 20 October 2021). Two intervals of higher-grade gold
mineralisation were intersected between 492m and 540m downhole, where the
copper values have dropped off compared to drillhole BRDD-21-020, and it is
thought that a fault could have displaced the copper mineralisation in this
location.

 

 

Bushranger Prospect Drill Hole Location Plan

 

http://www.rns-pdf.londonstockexchange.com/rns/8609K_1-2022-5-9.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8609K_1-2022-5-9.pdf)

 

Bushranger Cross-Section Drill Hole BRDD-22-044

 

http://www.rns-pdf.londonstockexchange.com/rns/8609K_2-2022-5-9.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8609K_2-2022-5-9.pdf)

 

 

 

Further information is available from the Company's website which details the
company's project portfolio as well as a copy of this
announcement: www.xtractresources.com

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").

 

The person who arranged for the release of this announcement on behalf of the
Company was Colin Bird, Director.

 

 

Enquiries:

 

 Xtract Resources Plc                               Colin Bird,          +44 (0)20 3416 6471

                                                    Executive Chairman   www.xtractresources.com (http://www.xtractresources.com)

 Beaumont Cornish Limited                           Roland Cornish       +44 (0)207628 3369

 Nominated Adviser and Joint Broker                 Michael Cornish      www.beaumontcornish.co.uk (http://www.beaumontcornish.co.uk)

                                                    Felicity Geidt

 Novum Securities Limited                           Jon Belliss          +44 (0)207 399 9427

 Joint Broker                                       Colin Rowbury        www.novumsecurities.com

 

 

Qualified Person:

Information in this announcement relating to the exploration works has been
reviewed by Edward (Ed) Slowey, BSc, PGeo, a consultant to Xtract. Mr Slowey
is a graduate geologist with more than 40 years' relevant experience in
mineral exploration and mining, a founder member of the Institute of
Geologists of Ireland and is a Qualified Person under the AIM rules.  Mr
Slowey has reviewed and approved the geological content of this announcement.

 

Qualified Person:

In accordance with AIM Note for Mining and Oil & Gas Companies, June 2009
("Guidance Note"), Colin Bird, CC.ENG, FIMMM, South African and UK Certified
Mine Manager and Director of Xtract Resources plc, with more than 40 years'
experience mainly in hard rock mining, is the qualified person as defined in
the Guidance Note of the London Stock Exchange, who has reviewed the technical
information contained in this press release.

 

 

TECHNICAL GLOSSARY

The following is a summary of technical terms:

 

 "Ag"              Silver
 "Au"              Gold
 "Cu"              Copper
 "CuEq"            Copper equivalent grade, calculated using assumed metal prices for copper,
                   gold and other metals

 "Mineralisation"  Process of formation and concentration of elements and their chemical
                   compounds within a mass or body of rock

 "Porphyry"        A deposit of disseminated copper minerals in or around a large body of
                   intrusive rock

ENDS

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